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Mountain Views News, Pasadena Edition [Sierra Madre] Saturday, December 23, 2017 | ||||||||||||||||||||
Mountain Views News 80 W Sierra Madre Blvd. No. 327 Sierra Madre, Ca. 91024 Office: 626.355.2737 Fax: 626.609.3285 Email: editor@mtnviewsnews.com Website: www.mtnviewsnews.com SATURDAY, DECEMBER 23, 2017 SECTION B AROUND SAN GABRIEL VALLEY Merry Christmas W A T E R C O L O R S T Y L E Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean commodo ligula eget dolor. Aenean massa. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Jacquie Pergola Your Neighbor & Local REALTOR® CalBRE #01069687 30 N. BALDWIN AVENUE | SIERRA MADRE Podley Top Producing Agent 2016! I am here for all your Real Estate needs. Call me for a free no obligation consultation. Giving Thanks AND Wishing YOU Peace & Joy THROUGHOUT THIS Holiday Season & New Year! 626.627.4903 Inside This Section: ARTS AND ENTERTAINMENT OPINION BUSINESS NEWS & TRENDS LEGAL NOTICES The Republicans’ final tax plan perpetuates economic, educational, and wealth disparities in the United States and the President is committed to signing it. However, the Joint Committee on Taxation and Tax Policy Center found that all income groups will, on average, see a tax cut in 2018 and 2019, with proper planning. Californians did not fare as well as the rest of the nation, since the final plan limits the deductions for income, sales, and property taxes to $10,000 annually and California has the highest income and sales taxes and second highest gas taxes in the nation. This reminds me of a Belizean proverb that says “Don’t call the alligator a big-mouth until you have crossed the river” If you itemize deductions, the GOP plan preserves 401(k) rules, the adoption tax credit, and deductions for the graduate school stipend (tax-free tuition waiver), the student loan interest and charitable giving. In addition, the medical expense deduction threshold was lowered to 7.5 percent for 2018 and 2019, but it reverts to 10 percent thereafter. To capitalize on these it would be wise to plan any major medical procedures in 2018 or 2019. You should consider increasing your 2017 charitable deduction, 401(k) IRA deductions, and contributions to your children’s college now. The GOP plan allows mortgage interest deduction on new loans up to $750K. Existing loans remain deductible up to $1 million under current law. If you are planning to purchase a new home in 2018, consider asking the seller to carry a second “principle-only” loan, and/or increasing your down payment to avoid a home mortgage greater than $750,000. Additionally, be sure to claim the property tax homeowner’s exemption of $7,000 with your local county assessor and examine any additional property tax assessments (school bonds, water district taxes, municipal bonds, etc.) which could increase the cost of your new home and your taxes. Don’t get it twisted, buying a home is still a good investment considering the appreciation and long term savings from rent increases. The plan eliminates the personal exemptions of $4,050 for each family member, but doubles the standard deduction to $24,000 if married, $18,000 for heads of household, and $12,000 if single. It also expands the child tax credit from $1,000 to $2,000 (of-which $1,400 is refundable) and provides for a temporary $500 credit for each non-child dependent (for example, a child 17 or older, an ailing elderly parent, an adult child with a disability). The plan also expands the use of 529 accounts to reimburse up to $10,000 in educational expenses for students in K-12 private schools or who are homeschooled and preserves the Earned Income Tax Credit of up to $6,318 for qualified individuals earning less than $53,930 (for the 2017 federal tax year). If you qualify for all of the above, you may actually receive a refund, even if you paid zero taxes and are not required to file your tax return. Grandparents can profit from the annual gift tax exclusion of up to $14,000 by giving their children money to pay for childcare and summer camp, depending on their income, and your children can then claim the childcare deductions. You could also give money to your college graduate to double down on their college loan interest, depending on their income, and then they can deduct the student interest; keeping the money all in the family. Changes to Obamacare eliminated the mandatory provisions of the Act. The Congressional Budget Office estimated that 13 million people will cancel their Obamacare plans. This will likely cause the premiums to increase significantly for those who remain, including Californians unless the state legislature takes immediate action to subsidize the program. Equally concerning, Congress has yet to reauthorize $2 billion in funding for the Children’s Health Insurance Program (CHIP), which provides health care coverage for 1 million children. The legislature must act immediately to encourage Congress to reauthorize the CHIP. Another devastating aspect of the Plan is that in 2018 it eliminates the deduction for casualty losses – for property lost or damaged by a fire, flood, earthquake, or due to theft – unless the area is declared a federal disaster area. The California legislature should seek federal designation of all calamities in California immediately. Losses resulting from our recent wild fires in 2017 remain deductible. Wealthy Californians will save millions with some strategic tax planning. Warren Buffett, the second richest man in America, noted in the New York Times that he paid “a lower percentage of his taxable income than any of the other 20 people in his office.” Under the GOP tax plan, Mr. Buffett will pay even less taxes. The plan cuts the tax rate for households making over $600,000 and individuals making over $500,000 from 39.6% to 37%. The plan also cuts the corporate tax rate to 21%, down from 35%; and the Individual Alternative Minimum Tax exemption will be increased to $500K for individuals and $1 million for couples filing jointly, up from the current $54,300 for individuals and $84,500 for couples. In 2018, the plan doubles the amount of the current exemption from Estate Tax from $5.5 million to $11 million for individuals, and from $11 million to $22 million for couples filing jointly, with annual adjustments for inflation. Individuals with pass-through companies such as S corporations, LLCs, partnerships, or sole proprietorships will be allowed to deduct 20% of their taxable income through 2025 when this provision sunsets. Service businesses such as law firms, doctors’ offices, and investment firms can only take the 20% deduction if they make up to $315,000 (for couples.) In addition, the final bill gets rid of the corporate alternative minimum tax, a big relief to the business community, and allows for a new capital investment deduction for new capital equipment. Accordingly, if you work as an employee for companies such as Uber, you should consider setting yourself up as an independent contractor to take advantage of this huge tax break and waiting until 2018 to purchase any equipment. Doctors and lawyers may want to set up split companies where the assets are owned by a corporation and the partnership pays the salaries. Lastly, the plan changes the current worldwide tax system for multi-national corporations to a territorial tax system, which provides for a significant reduction in taxes on upwards of $3 trillion in foreign profits left abroad to avoid paying U.S. taxes and allows U.S. companies to delay the repatriation for years. To protect its taxpayers, California must consider tax reform that will stimulate long-term career employment for the 947,000 unemployed and 800,000 individuals living in poverty in California. I would recommend an on-thejob (OTJ) training program that provides job training for the unemployed, lowering the state income tax rate for the poor and middle-income earners to stimulate the economy, doubling the renter’s tax credit to increase affordable living, and providing a deduction for parents who donate time and resources to public schools. To pay for these policies, the legislature could prioritize redirecting the current billions in existing tax credits and loopholes: toll the OTJ credit for one and 1/2 years to allow the state to capitalize on the economic stimuli of the credit; establish government efficiency programs that allow the state to recapture lost federal dollars, such as the $1.4 billion in unclaimed federal Earned Income Tax Credits; collect the upwards of $9 billion in taxes from the black market operators who unfairly compete with California businesses; and establish government efficiency programs to recapture the upwards of $18 billion in accounts receivables (unpaid taxes) at California’s taxing agencies. California leads the way in protecting children of immigrants, rightfully so, and we should do the same to protect Californians from the Republicans’ tax and public policies. The above tax planning concepts are provided for discussion purposes only, and you should consult with your tax professional to determine how they apply to your specific circumstances. Board of Equalization Member Jerome Horton has over 37 years of public and tax policy experience, serving as a member of the Inglewood City Council, State Legislature, California Medical Commission, California Cultural Endowment and Workforce Investment Board and as the 1st African American elected to the California State Board of Equalization. By Joan Schmidt This past Tuesday, Assemblywoman Blanca Rubio came to Pamela Park for a special “Meet and Greet” event hosted by the Monrovia Arcadia Duarte Town Council. It was the FIRST TIME since our formation in 1993 that an Assembly Member specifically came to the unincorporated are for a “Meet and Greet”. All Town Council Members, President Dave Hall, Vice President Terrence Williams and Council Members Yvonne Bullock, Lucy Nicoloro, Joan Schmidt and Linda Sells were present, as well as Pamela Park Recreation Services Supervisor Sam Estrada, Live Oak Library Manager Denise Dilley, Duarte School Board President Reyna Diaz, Captain Dave Flores from Temple Station, and several area residents. Even former resident and much-loved champion of youth and sports, Rodney Jefferson, traveled from Fontana for the special event! In under an hour’s time, we learned about this remarkable woman, how the Assembly operates and background info about various bills. The day Elvis died, forty years ago marks the Rubio Family’s arrival in California. Undocumented, her parents quickly obtained work visas and eventually the family became citizens. Rubio attended Beaumont High School; after graduation she earned an Associate’s Degree from East LA College and Bachelor’s in Business from Azusa Pacific. Rubio worked in human resources in the Baldwin Park School District for several years and helped teachers get credentialed. A teacher’s shortage brought encouragement for her to enter that field; Rubio obtained her Credential and a Master’s in Education from APU. During her tenure in human resources, Rubio was on the San Gabriel Valley Water Board. She also was a champion of keeping class sizes at a 20 to 1 ratio. As a teacher, she continued to speak in favor of a 20-1 ratio. Since Rubio wouldn’t back down, she was encouraged to run for Baldwin Park School Board which she won. A conflict of interest, (One cannot teach and serve on a School Board in the same district) brought her transfer to Fontana School District. Rubio taught for thirteen years (Fontana) and was on the B.P. School Board for thirteen years. The Assemblywoman describes herself as “Moderate” and “Progressive”. Not a politician, she fights for what she believes in and won’t back down no matter what pressure there is. Rubio received a lot of flack because she voted “NO” on AB 42 (Eliminating bail.) The consensus is bail is unfair because lower-income people cannot afford it. Rubio was accused of not caring about poor people. She voted “no” because “there were too many blank spaces in the bill”. SB 10 also dealt with the bail issue; Rubio would not sign it. CA Chief Justice Tani Cantil-Sakauye also expressed concern and established a panel to study it. Governor Drown advised a vote not be taken till the judge’s report on the bail system comes out in December. Rubio also discussed the GAS Hike. She FINALLY supported the bill AFTER it was guaranteed funding would come to the San Gabriel Valley and work begun immediately on the 605 Freeway. Rubio explained her schedule-she is in Sacramento 4 days; but here Fridays-Sundays.(After being here 30 years, that’s nice to finally find out!) Her schedule In Sacramento enables her to be at her office by 9 A.M. Mondays. She and her staff are able to review all upcoming legislation prior to the 1pm session. Most Assembly Members arrive at 1 pm! Residents of the 48th District, be grateful- we have someone in Sacramento who is above politics, working for her constituents! THE GOP TAX BILL IS FINAL: MEET AND GREET ASSEMBLYWOMAN RUBIO HOW DOES IT AFFECT YOU? Play in real snow, build your own snowman friend, perfect your snowball making skills, add your mark to our collaborative winter art installation, and make snow angels. Continue to celebrate the season with live performances each day, winter-themed art, and the science of snow. Cookie decorating will also be available for an additional $3 fee. Break out your mittens, boots, and snow hat for a day of winter wonderland fun! Performance Schedule - Daily at 1:00p December 26 - Rumbling Rhythms: Interactive Drumming Mr. Alan is a longtime educator, from classroom to museum, and is masterful at utilizing the arts to enhance and supplement learning. Learn and express yourself through the language and metaphor of rhythm. December 27 - Shakti Circus: Hula Hoop & Stilt Walking Show Join your friends Pixie the Clown, Billie Ballerina, and Jingles the Elf in Winter Wonderland. This interactive show is chock-full of jump stilts, hula hoops, and circus fun. Stick around after the show to dance, hula, and take photos. December 28 - Wildlife Learning Center: Winter Animal Show A live animal show featuring a red fox, a porcupine, a white rabbit, a chinchilla, and an owl. December 29 - Arte Flamenco Arte Flamenco Dance Theatre, Inc., is a non-profit organization, with a mission “to enrich people’s lives through dance.” This children’s dance performance will present a world dance program featuring dances of Spain, Mexico and Hawaii. December 30 - Rene’s Marionettes This family-friendly show features an assortment of unique marionettes from a dancing monkey to singing chickens. These colorful characters are guaranteed to bring out the grins, smiles, giggles, and laughs in everyone! Kidspace Children’s Museum Snow Days 480 N. Arroyo Blvd., Pasadena, CA 91103 Tuesday - Saturday, December 26 - 30, Weekday hours: 9:30am - 5:00pm, Weekend hours: 10:00am - 5:00pm 60 TONS OF REAL SNOW AT THE MUSEUM! | ||||||||||||||||||||